RedotPay Raises $40 Million to Expand Crypto Payment Platform
RedotPay raised $40 million in a Series A funding round to expand the capabilities and reach of its cryptocurrency payment platform.
The company will use the new funding to accelerate its product roadmap, enhance its user experience, reinforce its regulatory compliance frameworks and expand its licensing footprint to more jurisdictions, RedotPay said in a Friday (March 14) press release.
“The pace of adoption by crypto enthusiasts and those who’ve been left out by the traditional banking system shows that we are building something truly impactful,” RedotPay co-founder and CEO Michael Gao said in the release.
RedotPay has garnered more than 3 million registered users globally since it was founded in April 2023, according to the release. The company attributed the growth of its crypto card and payment platform to the increasing demand for crypto-based payment solutions in everyday transactions.
Its platform integrates traditional digital payment technology with cryptocurrencies to make it easy for users to spend digital assets and to create a borderless payment ecosystem, per the release.
Pinn Lawjindakul, partner at Lightspeed Venture Partners, which led the funding round, said in the release that RedotPay is working to “reshape the financial landscape.”
“RedotPay’s platform is already revolutionizing financial access for millions who lack access to traditional banking,” Lawjindakul said. “We are excited to support RedotPay as they continue to build a more inclusive financial ecosystem and redefine the way people interact with money.”
The company’s funding round follows several other investments and acquisitions in the crypto payments space.
Crypto payments company MoonPay said Thursday (March 13) that it expanded its enterprise offerings by acquiring Iron. Iron’s stablecoin infrastructure platform provides solutions for enterprises; FinTechs and payment processors; and marketplaces and merchants.
On Tuesday (March 11), crypto payments network Mesh raised $82 million in a Series B funding round to accelerate product development and the expansion of its APIs. The company’s technology is already available to more than 400 million users in more than 100 countries.
Bybit said in January that its Bybit Pay solution, which enables users to make payments in fiat currency and cryptocurrency, is live in Brazil and integrates with the Pix instant payment system developed by the Central Bank of Brazil.
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